MorphoSys Enters Into Business Combination Agreement To Be Acquired By Novartis For €2.7 Billion Equity Value; €68/Share In cash
Portfolio Pulse from Benzinga Newsdesk
MorphoSys AG has entered into a Business Combination Agreement with Novartis for a takeover valued at €2.7 billion, or €68 per share in cash, representing a significant premium over recent share prices. This agreement also includes the sale of rights for tafasitamab to Incyte Corporation for US$25 million. Novartis aims to maximize the potential of pelabresib, a promising therapy in MorphoSys' pipeline, with its resources. The takeover offer is subject to customary closing conditions and regulatory approvals, expected to close in the first half of 2024.
February 05, 2024 | 9:53 pm
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MorphoSys AG is set to be acquired by Novartis for €2.7 billion, a move that offers shareholders a substantial premium over recent trading prices. Additionally, MorphoSys has sold the rights for tafasitamab to Incyte Corporation for US$25 million.
The acquisition by Novartis at a substantial premium is likely to be viewed positively by MorphoSys shareholders, potentially leading to a short-term increase in MOR's stock price. The sale of tafasitamab to Incyte further solidifies MorphoSys' financial position and streamlines its focus on key assets like pelabresib.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Novartis is acquiring MorphoSys for €2.7 billion, aiming to enhance its oncology portfolio with MorphoSys' promising therapy, pelabresib. This strategic move is expected to bolster Novartis' position in the oncology market.
The acquisition of MorphoSys allows Novartis to gain access to pelabresib, a potential game-changer in myelofibrosis treatment. This strategic acquisition is likely to be viewed positively by the market, potentially leading to a short-term positive impact on NVS's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 90